Multiple choice

“A” has bought a new insurance and it has been 10 days, but did not find the terms and conditions according to his will. What can “A” do in this scenario?

  1. “A” can return the insurance within 15 days.

  2. “A” cannot return the insurance till the defined time (as per contract).

  3. “A” will have to return the insurance within the period of two months.

  4. “A” cannot return the insurance as per free-look in period by IRDAI.
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

If a customer has bought a new insurance policy and received the policy document, and then finds that the terms and conditions are not what he wanted, then he/she can return it and get a refund. IRDAI has built into its regulations a consumer-friendly provision that takes care this problem. Also, the customer must exercise this right within 15 days of receiving the policy document and he/she has to communicate the same to the insurer in writing.

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